Circio Holding ASA

Investor Presentation • Aug 28, 2025

circio

Circular RNA expression systems for enhanced gene and cell therapies

1H 2025 report and R&D update Webcast - 28 August 2025

This report contains certain forward-looking statements based on uncertainty, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on the results of operations and the financial condition of Circio Holding ASA and the Circio Group. Such forward-looking statements reflect the current views of Circio and are based on the information currently available to the company. Circio cannot give any assurance as to the correctness of such statements.

There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied in these forward-looking statements. These factors include, among other things, risks or uncertainties associated with the success of future clinical trials; risks relating to personal injury or death in connection with clinical trials or following commercialization of the company's products, and liability in connection therewith; risks relating to the company's freedom to operate (competitors patents) in respect of the products it develops; risks of non-approval of patents not yet granted and the company's ability to adequately protect its intellectual property and know-how; risks relating to obtaining regulatory approval and other regulatory risks relating to the development and future commercialization of the company's products; risks that research and development will not yield new products that achieve commercial success; risks relating to the company's ability to successfully commercialize and gain market acceptance for Circio's products; risks relating to the future development of the pricing environment and/or regulations for pharmaceutical products; risks relating to the company's ability to secure additional financing in the future, which may not be available on favorable terms or at all; risks relating to currency fluctuations; risks associated with technological development, growth management, general economic and business conditions; risks relating to the company's ability to retain key personnel; and risks relating to the impact of competition.

• 1. R&D update
• 1. Corporate update

		Number of outstanding convertible bonds substantially reduced
--	--	---------------------------------------------------------------	--	--	--	--

Extended financing commitment with Atlas, securing access to funding until end of 2025

• Entered 7 R&D collaborations with international partners for circVec DNA delivery, novel DNA formats and protein production

• 4basebio, Certest, Entos, Neoregen, Lonza (+ 2 confidential)

• Showed in vivo PoC with robust circVec advantage for AAV gene therapy and in vivo cell therapy

• Published circular RNA review in Nature Reviews Genetics
• Presented circVec gene and cell therapy data at ASGCT, the leading global conference in the field

Very high AAV dose level required (= high tox & cost) Co-administration of immune suppressive medication ➢ Severe adverse events (SAEs), incl. risk of death

´

• 10-fold reduction of AAV dose level (= lower tox & cost)

• Reduction of immune suppressive medication
• ➢ Elimination of most severe adverse events (SAEs)

circVec: a first-in-class, industry-leading circRNA expression system with platform potential in several disease areas

Muscle, cardiac and other genetic disease

Tissue-specific, enhanced potency AAV

150,000 patients in target diseases, with no approved therapies

Next Gen AAV

Auto-immune disease, oncology

LNP: DNA format, redosable

Very large patient population, only autologous options available today

In vivo CAR

1. Corporate update

´

circVec AAV or DNA vector therapeutic

circRNA

Inject

expression in

patient cells

9

Higher and more

durable protein

expression

AAV circVec, heart specific – two AAV designs Quantification of signal (luminescence), high dose

Similar performance for circVec 2.1 and 3.0 in AAV format

AAV-circVec, heart specific – two AAV designs Quantification of signal, high/low dose comparison

AAV genome DNA

AAV-circVec 3.2 outperforms previous designs, increases advantage to >30x vs. mVec-AAV

F-luc signal quantification in eye, Day 7-21*

* Ongoing experiment, high dose group

AAV-circVec consistently outperforms conventional AAV-mVec designs by 10-40x

AAV-circVec advantage observed in multiple tissues using different AAV variants and promoters

Novel AAV-specific circVec 3.2 design drives 3x enhancement in vivo vs. prior generation 2 and 3 constructs

Transformative potential in AAV gene therapy: current data suggests circVec platform can unlock >10x dose reduction

• Improved safety profile, reduced toxicity
• Lower cost

Continuous platform development: circVec generation 4, vector and delivery optimization

17

PoC: proof of concept IND: investigational new drug H2H: head-to-head LNP: lipid nanoparticle CAR: chimeric antigen receptor AAV: adeno-associated virus

	Warrant funds and Atlas facility were the source of financing through 1H 2025 Ongoing discussion with investors for new capital
	Agreement with Atlas extends financing commitment until end of 2025, with option for further extension Continued tight cost control, focus on R&D value creation
	Outstanding bonds reduced from NOK 35m to NOK 9.5m* Strengthened cap table with new investors Significantly strengthened data package reduces technical risk, attracting partners and new investors

NOK m	1H24	2H24	1H25 1
Total revenue	0	0	0	High number of ongoing
R&D expenses2	-7	-4	-6	in vivo projects
Payroll and related expenses	-10	-12	-10	Lean and efficient R&D team
Other operating expenses3	-5	-3	-4
Total operating expenses	-23	-20	-20	Cost control continues
Operating loss	-23	-20	-20
Net financial items	65	35	-2	Waiver of ONCOS-102 R&D loans (2024)
Profit/loss before income tax	42	16	-22
Net change in cash	-19	15	-12	Drawing Atlas funds on a strict need-to basis
Net cash EOP	3	18	6

	Continuously exploring multiple financing options, building on recent strong AAV-circVec data
	Market conditions remain challenging, but improving slowly
	Financing commitment extended until end of 2025 Good relationship, option for extension on mutual agreement Reliable access to capital during tough market conditions
	Continue to establish novel technology collaborations AAV gene therapy program most likely for short-term deal Monetize technology in non-core or complex areas

	Entos PLV technology for DNA-circVec delivery Entos to drive and fund next stage of evaluation
	Novel LNP formulation for spleen delivery of DNA-circVec Results showed specific and prolonged spleen expression
	Neoregen CPP technology for DNA-circVec delivery Neoregen to fund next stage of in vivo evaluation
	Explore 4basebio DNA format for circVec 4basebio in house testing ongoing
	Apply circVec to enhance protein manufacturing yield Ongoing testing of circVec in Lonza's proprietary system

		Test circVec 3.2 performance in multiple tissues		Active discussions with AAV gene therapy companies
		CNS and eye in vivo data		External circVec AAV testing
		Test new delivery systems		Early discussions with cell
		circVec CAR expression		therapy companies
		Ex vivo T cell experiments		External circVec DNA testing
		Test additional LNP formulations		Several ongoing collaborations
		Test other delivery systems		Certest, Entos, 4BB + others,
		Validate w/new DNA format		data during 2H´2025

Due to its significant advantages, circRNA systems can be expected to replace mRNAbased expression for DNA format therapeutics in the future – just as synthetic circRNA " can be expected to replace current mRNA formats "

Dr. Alex Wesselhoeft

24 Scientific founder oRNA Therapeutics

circio

Q& A Session